The April 15 natural gas contract closed higher for a third straight day in yesterday’s session and it up 7.5% from the weekly low set on Tuesday.
Thursday’s daily settle by the April 15 contract came in at 2.841, up .072 (2.6%) closing above 10 and 40 day moving average resistance which is a bullish technical signal.
The 40 day moving average now becomes the first area of support at 2.810 followed closely behind by the 10 day average at 2.790.
A drop under both averages will turn the near term trend back down with the 2.641 weekly low becoming the next downside support level.
Yesterday’s 2.864 high is the first area of resistance today with longer term resistance between 2.980-3.000.
Technical Indicators: Moving Average Alignment – Neutral
Long Term Trend Following Index – Bullish
Short Term Trend Following Index - Bullish
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